The Gecko vs The Good Neighbor Selecting an appropriate auto insurance company is an important decision for many households. Despite popular belief, all auto insurance carriers are NOT the same.
Geico Insurance and State Farm Insurance are both two reputable auto insurance carriers.
State Farm Insurance was founded in 1922 and currently has about 18% of the auto insurance market share. Geico Insurance was founded in 1936 and currently holds about 9% of the auto insurance market share. These two auto insurance companies have many similarities but they also have many significant differences.
When selecting an auto insurance company one should consider coverage, discounts, customer service, and insurance rates. This article will compare some of these components between Geico Insurance and State Farm Insurance.
Geico and State Farm both offer similar discounts (multiple car discounts, multiple insurance line discounts, and “good driver” discounts ). Geico Insurance uniquely offers military personnel and federal employees discounts. State Farm Insurance offers discounts to clients if they are “accident free” within the past 3 years; whereas, Geico offers discounts to clients if they are “accident free” within the past 5 years.
Most insurance companies will offer similar coverage for auto insurance, as most state laws mandate the auto insurance coverage available for auto insurance carriers. Both State Farm and Geico Insurance offer the following as standard auto insurance coverage: collision coverage (single or multiple car accidents); comprehensive coverage (theft, flood, etc.); rental coverage, uninsured/underinsured motorist coverage; and roadside assistance.
Customer service can be a “deal-breaker” or “deal-maker”, when it comes to auto insurance companies. It is important to be aware of the type of service your company can provide before a loss occurs. Both State Farm Insurance and Geico Insurance are highly rated for providing good customer service. Both companies offer online services and provide 24 hours/7 days a week availability to report claims. State Farm Insurance has a greater presence in the U.S. State Farm has more of a local presence than Geico Insurance.
Price comparisons between Geico Insurance and State Farm Insurance may vary according to underwriting guidelines (age of drivers in your household, types of vehicles, deductibles, and other discounts previously mentioned). It is important to compare exact coverage and all discounts offered by State Farm and Geico Insurance when comparing rates.
In conclusion, every household should individually evaluate what’s most important to their household when choosing between State Farm Insurance or Geico Insurance. If having a local agent is important to your household, State Farm Insurance may be a better choice for you. If you are a military family, Geico Insurance may be a better choice for your budget. The important thing to remember is all auto insurance companies are NOT the same.